Use outside resource and networks to gain more

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Use outside resource and networks to gain more information and knowledge and keep your knowledge up to date with legislations. Attend any seminars, professional development sessions to gain information and able to contact people, get information and answers when needed. Know what the documents lodgement schedule is required Make sure that your data in true and correct and you are able to provide true picture of the company’s financial state and discuss it with the relevant people in management. If our company registered as GST, we need to lodge BAS that will help the me to pay and report for GST, PAYG, PAYG withholding tax and other taxes. When a company registers for ABN, the ATO will automatically sent a BAS when it is time lodge it. You can consult with manager and supervisors to gain more understanding and input. Consult with government agencies to get knowledge that you need for your daily activity. Investigate different aspects of the ATO, where there is information sheet, seminars and an information centre. Associate with other accounting companies and government bodies that work/associated with the ATO. Peak industry bodies Question 2 There is particular legislation, regulations and industry codes of practice that relates to the preparation of activity statements. List at least 10 forms of legislation, regulation or codes that will apply.
Question 3 You must be able to describe, to a manager or to a client, the ATO requirements and relevant accounting terminology that applies to the preparation and submission of BAS and IAS. Some of the terminology includes the listed items. Briefly explain what each of the following is: RCTI – is a recipient created tax invoice that is being issued by the recipient of goods/services rather than the supplier. FBT – Fridge benefit tax that is paid to employees by their employer for certain benefits such as car, discount loan, gym membership, entertainment tickets etc. WET – wine equalisation tax that people who make or import wine to Australia or sell it by wholesale will have this account that holds 29% tax of the value of the wine. It is a one time pay usually the retailer. GST – Goods and services tax – which is 10% on most goods and services tax that is sent to the ATO BAS – business activity statements – business that are registered for GST need to lodge a BAS that reports and pay for GST, PAYG, PAYG withholding and other taxes. IAS – Instalment activity statement – taxpayers who are not registered for GST use this form to loge their BAS that summaries their amounts of PAYG instalments, PAYG withholding and ABN withholding. TASA – tax agent services act 2009– it makes sure that all tax agent services are working according to appropriate standard of profession and ethical conduct as well as establishing BAS, introduce code of professional conduct and provide sanctions and discipline to registered ta agents, BAS and tax agents.

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